The board of Alexander & Baldwin Holdings
ALEX, +0.19%
successor by merger to Alexander & Baldwin Inc., approved a plan to split its transportation and land businesses into two publicly traded companies. The Honolulu-based company will separate out its ocean transportation and logistics business, which will operate under the name Matson Inc., while its real estate and agriculture holdings will operate under Alexander & Baldwin Inc. Effective as of the close of business on June 29, stockholders of record as of 5 p.m. Eastern Time on June 18 will receive one share of Alexander & Baldwin Inc. common stock for every share they own, in the form of a tax-free distribution. Beginning on or about June 14 and continuing through the distribution date, both Matson and Alexander & Baldwin Inc. shares will trade on a when-issued basis, the company said. Matson will trade on the New York Stock Exchange under the symbol MATX; Alexander & Baldwin Inc. will also trade on the NYSE, under ALEX. “The separation will enhance the creation of long-term shareholder value for each of these businesses by enabling both companies to focus on their respective strategies,” said Walter Dods Jr., chairman of Alexander & Baldwin Holdings Inc., in a statement. “Regular way” trading in shares of the two companies is expected to start July 2. Both the Securities and Exchange Commission and the NYSE must still sign off on the plan, the company said. The board also adopted a one-year stockholder rights plan.

Also late Friday, WebMD Health
WBMD, +0.39%
said Carl Icahn, the New York-based company’s biggest stockholder, will vote the shares his investment firm owns in support of all director nominees at its July 24 annual meeting. The health-information company made the announcement as it said David Schechter, a portfolio manager for Icahn Capital, will be appointed to sit on WebMD’s board, expanding it to 12 from 11. “We believe that WebMD is undervalued from a long-term perspective,” said Icahn in a statement issued by WebMD. Icahn beneficially owns 6.7 million WebMD common shares, or about 13.23% of its outstanding stock.

Johnson & Johnson
JNJ, +0.37%
said it would take a special charge of about $600 million against financial results for the second quarter. The purpose of the move, the New Brunswick, N.J.-based company said, is to increase its accrual for the potential settlement of civil litigation involving antipsychotic therapies Risperdal and Invega, the heart-failure drug Natrecor and Omnicare Inc.
OCR, +0.08%
a specialist in management of complex pharmaceutical care.

InfuSystem Holdings Inc.
INFU, -0.63%
said its stockholder rights plan expired at the close of business on Friday, in line with plans that the Madison Heights, Mich.-based company disclosed last month. The move to terminate the rights plan “was not made in connection with any proposed or expected transaction,” said Ryan Morris, executive chairman of InfuSystem Holdings, a provider of infusion pumps and services for use in health care. The poison pill, as originally adopted, had been scheduled to expire in November 2020.

Time Warner
TWX, -0.45%
priced at discounts to par public debt offerings totaling $1 billion, net proceeds from which will be used for general corporate purposes. The New York-based media company said it expects to close June 13 on the sale of $500 million in 3.4% senior notes due 2022 and $500 million in 4.9% debentures due 2042. The notes and debentures priced at 99.857% and 98.929% of their face amount, respectively.

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